ChainCatcher message, the cryptocurrency research institution EMC Labs released the April 2024 report titled "Macroeconomic Financial Crisis Emerges, On-Site Funds Remain Motionless." The report points out that the decline of BTC in April was a result of a weak balance between buyers and sellers after a portion of investors sold off following its price surge in July. New incoming funds are choosing to adopt a cautious wait-and-see approach, while traders who base their transactions on macroeconomic data and technical indicators dominate the market.From the perspective of the inflow scale of stablecoins (the second highest since last year), the market's bullish sentiment has not extinguished. The current adjustment is due to the macroeconomic phantom crisis causing incoming funds to hold their positions and wait. Accordingly, macroeconomic data, especially the Federal Reserve's stance on interest rate cuts and changes in core economic data such as non-farm employment rates, will dominate the attitude of on-site funds in the near future, thereby determining the price trend of BTC, as the market enters a "buy and sell macro data" mode.